Dogecoin (CRYPTO: DOGE) may be in for a major uptrend next month.
What Happened: According to a Wednesday CoinQuora analysis, Dogecoin is now trading at a price 20% higher than one year ago. Per the report, Dogecoin is seeing its on-chain transactions decrease over time and most of its investors were motivated by fear of missing out on potential gains.
The analysis clearly states “DOGE does not really stand well with its core fundamentals” but despite this, it suggests that it could see its price move upward in the near future. The report highlights the coin “nearly oversold” RSI of about 38 after the coin lost over 10% over the last seven days.
According to the analysis, if the current trend continues, Doge could move below its $0.04 support level and drop lower. But the aforementioned RSI level gives hope for a trend reversal that could potentially result in the Dogecoin’s price hitting $1.
DOGE Price Action: According to CoinMarketCap data, as of press time Wednesday afternoon Dogecoin is trading at $0.1972 after losing 1.18% of its value over the last 24 hours.
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